The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-02-10
THE INTEREST BILL FAILS.
Its Authors Denunciation Of Building
Associations Causes It's Defeat.
AnExhausted Treasury Suggests the Immedi-
ate Borrowing of Large Sum-A Deficit
Of Over a Million Dollars To Be Met.

House, Tuesday evening" but the accidental
thought that it would impair the usefulness OF
building associations, judiciously used against II,
quickly changed the desire of many members
who were favorably inclined to the measure. 1t
was early observable yesterday morning that
decisive negative vote would be cast against the
bill A desperate struggle was made by its
author to avert the disastrous effects of the op
position. and in doing so. he only aggravated 1t.
He lost his common political shrewdness, and
assaied unreservedly building associations as
the scheme Of capitalists to feed upon the hard
earnings of the poor. His discreetness went to
the winds when he fatty denied that he had ever
said the bill would iniure the associations, and
Ia the next breath began denouncing them. Rep
resenta.ive Kellson was evidently mad at the
turn of affairs and for fifteen minutes,
In every word he uttered, strengthened
tho opposition to an idea OF which he had become
very fond. II he had motive in pushing for
per cent interest of absolute force it Is wrecked
on the breakers of popular prejudice; but be-
yond. his position shows clearly the incongruty
OF a Democratic politician posing as the sincere
friend of the workingmen. While his party, on
this scorce, in the Senate and House has been
using every available opportunity. and some
times when it was not available, to measure out
abundance of buncombe, he came forward as the
avowed opponent of institutions in which, more
than any other, the poor feel the deepest
His view of the situation Of his bill, yesterday
morning, was that men, without argument, had
by insinuaton said that 1t would cause injury to
Huilding associations which he characterized as
&wopenny corporations. These corporations
were created by the Legislature and, in his
ageravaton at probable results. he wanted
TO know If they had become great that
they could now obstruct the car of reform. Cap
italisis controlled the associations, these two
penny corporations. in order to get ID per cent
on Investments made by poor men. They feed
upon victims who fall by the wayside, thus max
ing the associations great sources of profit to
the rich. In closing, he made a rather singular
statement in view Of his previous denial that
these concerns would be affected by 6-per-cent
law. IF the associations are doing honest
and legitimate business" he exclaimed. ''the
bill will not harm them" Having done his bill
all the injury he could and exposed the preten-
sions of the Democracy in being the guardian of
everything in which the poor man is interested,
he saw the 6.per-cent. interest idea defeated by
majority of thirteen.
With this bill off the calendar the House
-@ent into committee of the whole to
consider the bill reported by the
WAYS and means committee. It proposes
to borrow 81 0o0 900 for the State at interest not
greater than per cent, to be secured by bonds
redeemable in not less than ten nor more than
twenty years. Representative Caven, in explain
ing the necessity Of making this loan. said the
emergency was immediate. as the treasury OF
the State will not have an available dollar in it
for current expenses within the next few days.
If something is not done all warrants will have
: to be indersed: mot paid for want of funds. !"
Tho Dill he said. does not efe.sSe new debt but
simply provides means whereby de''ts already
contracted can be met Unless this money is SO.
cured work on the State-house must stop. The
Auditor of State estimated on the figures of the
contractors that it would require $3.50 900 &c
complete the work, but they now ask for $50, 900
more, Of which $24. 600 is needed for arranging
the grounds about the Capitol and $50, 900 for ar
electriclght plant. There has been appro
priated $4,000 for a furnishing fund
to which $4,000 is to be added
addition TO the $107, 900 heretofore provided for
and for the Soldiers Orphans Home a Senate
bill is pending appropriating 100000. Add Il
these proposed appropriation OF $20O,O0O for
soldiers monument. and the deficit this Genera
Assembly has to deal with is $l,295, 900, not in
GLIDING appropriations that will be asked for th'
School Of the Feeble minded, the Norma
School, Purdue and State universities. thu
House Of Refuge and the prisons Of the latte
institutions, the prison north earned, last year
1922, 900, and the prison south $62 900.
Representative Patton attacked the bill as ont
for which there is no present need. He woul,
compel the contractors to live within their con
tracts, believing that there was enough none.
available in the treasury to pay them all that i
their due He charged the State-house Com
missioners with reporting desgnedly les
amount of money at their command than wa
the case He favored completing and furnishn
np,u nf fbo nov ipsan aSvlumc and fha
TO proceed slowly on the work for the rest The
were only experiments, and would continue t
be such in the useless expen dture of money, IN
less halt was called II all of the houses wer,
furnished at once boards of trustees stats o
surgeons and officers would feed the fat o
the land, with nothing to do for years to come
In regard to the Statehouse fund the Commits
sioners had reported only $25, 900 in the treasur
Dec. 81. He had found there, on the statemen
of the Treasurer. 1925, coo to the credit of thi
fund, of which $l4". 900 had been set aside fo
furnishing the building. This would leave $63
900, which was sufficient to meet every just clair
the contractors had against the State. Durln
his speech the committee arose, and in the after
noon, when it resumed the consideration of tn
bill, Representative Patton continued his speee
Tor an hour or more. He denounced the borrow
ing system throughout, criticised the conimitte
Of ways and means for not reporting the genera
appropriation bill, and objected to the fnancii
management of the State generally. In tn
progress of the debate desire arose for an item
iHcu Sthtelucub 10 w INC uccuS
be- supplied by the slOOO,0OO Will
the deficit of 81 ,295, 900 was admitted. til
opponents of the bill suggested no better wa
out of the difficulty. None of this class
speakers had idea as to how the deficit coui
be met bus the purpose appeared to make
favorable show as possible through pretenses {
economy Representative Beasley made a
effort in the latter direction by asking to hay
the loan limited to 100000. He supported
motion to recommit with the purpose of havr
The committee on ways and means report back
bill SO amended and with provisions limiting tt
payment to the State house contractors to VIII;
Is Justly due them their contract. The bi
was finally recommitted to it's committee wit
suit instructions, except to submit an itenlize
statement Of needs.
Directly after this, the House in session, Il
memorial of William b. Howard of like pu
pose with that presented to the Senate, was rea
Il no ,r,,iss ms